Bank of America is planning to hire up to two dozen staff over the next two years to expand its team covering German-speaking countries by one-fifth, and to focus on winning more business from buyout firms.

The hiring plans, which were revealed by Andreas Dombret, vice-chairman of global investment banking for Europe, the Middle East and Africa and head of German-speaking countries at Bank of America, come after the US bank last year pledged to pump an extra $600m (€468m) into its investment banking business as part of a growth push.

Dombret said yesterday: "I would like to have 20% more people in two years' time," according to Bloomberg.

Dombret, who joined Bank of America in October of last year, added that the bank will invest "overproportionately to win more business from private equity firms. We think the buyout market is intact, and don't consider it overheated. We have a positive view on the market not just for the next few months but for the coming years".

Dombret is one of several senior bankers who have already joined Bank of America in the past year. The bank hired former IBM executive Hans-Olaf Henkel in February as a senior adviser to its German business, as well as Christian Ossig to run financial institutions coverage in the German-speaking region and Lutz Brade as head of corporates coverage for the region.

Bank of America has between 110 and 120 bankers in its team focusing on German-speaking countries. They are split between London and Frankfurt.